Industry Insights

The global prosthetics and orthotics market size was estimated at USD 8.15 billion in 2017. Factors such as increasing incidence of sports injuries and road accidents, rising number of diabetes-related amputations, and growing prevalence of osteosarcoma around the world are poised to drive the global market.

Growing opportunities in sports are leading to increase in the number of people choosing it as a career. For instance, according to the National Health Statistics Reports, 2016, around 213 million Americans aged 6 years and above participated in some sports and fitness activities. As more and more people engage in sport and recreational activities, the risk of injuries resulting from these activities is increasing. For instance, according to Stanford Children’s Health, more than 3.5 million injuries are reported every year among children.

Alarming rise in the frequency of road accidents is also a leading factor driving the market. According to the Association for Safe International Road Travel (ASIRT), around 20-50 million people are injured or disabled owing to road accidents. Road traffic accidents account for the 9th leading cause of deaths worldwide. ASIRT also reported that in the U.S., over 37,000 people die in road accidents every year and an additional 2.35 million are injured or disabled.

As per the Ministry of Road Transport and Highways, Government of India, in 2016, around 4,94,624 people were injured in road accidents. In addition, the number of fatal road crashes has increased by 25.6% from 2007 to 2017. In 2016, states that recorded the highest number of road accidents were Tamil Nadu (82,163), Karnataka (54,556), Maharashtra (35,884), and Uttar Pradesh (25,096). In severe cases, road accidents can lead to amputation of limbs, which in turn, increases demand for prosthetics and orthotics.

Type Insights

On the basis of type, the market is segmented into orthotics and prosthetics. Orthotics is further segmented into lower limb, upper limb, and spinal orthotics. Prosthetics, on the other hand, comprises upper extremity and lower extremity prosthetics, liners, sockets, and modular components.

Orthotics held the dominant share in the prosthetics and orthotics market in terms of revenue in 2017. This may be attributed to increasing prevalence of osteoarthritis, rising incidences of sport injuries, and growing penetration of orthopedic technology. Upper limb orthotics accounted for the largest share owing to various benefits offered, such as reduced pain and rapid recovery in terms of movement. Spinal orthotics is expected to exhibit the fastest growth rate owing to factors such as increasing number of spinal injuries, rising geriatric population, and unhealthy lifestyle.

Upper extremity prosthetics dominated the market as these devices enable rapid and painless recovery. They also help in regaining normal functioning of the affected area within a very short period. Major companies manufacturing this product are Ossur; Zimmer Biomet Holdings Inc.; and Blatchford Inc.

Regional Insights

In terms of region, North America was the leading market in 2017 and is anticipated to witness the same trend over the foreseeable future. This growth can be attributed to well-established healthcare infrastructure, increasing R&D investments by companies, and favorable reimbursement policies.

The Asia Pacific market is driven by increasing number of diabetes related amputations, rise in number of road accidents, and supportive government initiatives. The Asian Prosthetic and Orthotics Meeting is scheduled for November 2018 in Thailand, which will discussing ongoing and emerging issues related to prosthetics and orthotics. Events such as these are sure to give the APAC market a significant boost.

Prosthetics and Orthotics Market Share Insights

Some of the key players in the industry are Ossur; Zimmer Biomet Holdings Inc.; Blatchford Inc.; Fillauer LLC; Ottobock Healthcare GmbH; The Ohio Willow Wood Company; and Ultraflex Systems Inc. Various strategies such as mergers, acquisitions, collaborations, and launch of new products are being adopted by these players to maintain their market share. For instance, in May 2018, Ossur introduced various new products in the market such as Ossur Formfit Pro Line of 3D knitted supports at OTWorld, one of the leading prosthetics and orthotics conference and tradeshow.

If you need specific information, which is not currently within the scope of the report, we will provide it to you as a part of customization

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of latest industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the global prosthetics and orthotics market report on the basis of type and region: